NASSAU, Bahamas -- The Government of The Bahamas is pleased to announce that the privatization of BTC completed today, April 6, 2011, with the sale of 51% of the shares to Cable & Wireless Communications (CWC).
CWC is a global full-service communications business which operates communications businesses in thirty-eight countries through four regional units - the Caribbean, Panama, Macau and Monaco & Islands- and has close to $2.5 billion revenues. Its services are highly complementary to those of BTC and include mobile, broadband and domestic and international fixed line services, as well as pay-TV, data centre and hosting, carrier and managed service solutions.
The Government has received the purchase price of $210 million from CWC paid in full, as well as in kind and cash completion dividends from BTC amounting to $14.3 million.
CWC has taken management control effective today.
A new board has been established made up of the following individuals:

Maria Ferere, a partner of FT Consultants Ltd., Nassau, Bahamas,
Deidre Prescott, a current BTC Director and employee of BTC,
Mark Holowesko, a principal of Holowesko Capital Partners, Nassau, Bahamas,
Nick Cooper, Corporate Services Director, Cable & Wireless Communications Plc,
David Shaw, CEO, LIME,
Gerard Borely, CFO, LIME,
Geoff Houston, who has been appointed CEO of BTC.

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